Powell, in a speech in New York on Wednesday, said interest rates appear to be just below the level the Fed calls "neutral," where they neither stimulate growth nor impede it. In October, he said rates were still well below neutral.

The prospect of slower interest rate increases was well received on Wall Street.

The Dow Jones Industrial Average jumped 497 points, or 2 percent, to 25,245 in afternoon trading. It more than doubled its gains after Powell made his remarks.

The S&P 500 index rose 47 points, or 1.8 percent, to 2,729.

The Nasdaq composite climbed 157 points, or 2.2 percent, to 7,240.

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11:45 a.m.

U.S. stock indexes are rising as software maker Salesforce leads a rally in technology companies.

Salesforce jumped 4.3 percent in midday trading Wednesday after reporting earnings that were much higher than analysts expected.